Lord & Taylor is abandoning plans to keep a store in the Fifth Avenue flagship it is selling, as the chain’s owner closes more stores and focuses on online sales.
The announcement Tuesday comes about seven months after the company said it would sell the century-old building to office space sharing company WeWork. Hudson’s Bay Co. had said then it would keep less than a quarter of the 11-story building for a Lord & Taylor store.
Hudson’s Bay, which also operates Saks Fifth Avenue and other stores, said it expects to close up to 10 of its nearly 50 Lord & Taylor stores through 2019. The flagship store is expected to close in early 2019.
Lord & Taylor was the first to create Christmas windows for entertainment, rather than for selling merchandise. It pioneered the animated window display in 1938.
Like its competitors, Lord & Taylor is wrestling with a shift as consumers shop online and less at department stores. Chains like J.C. Penney and Macy’s are closing unprofitable stores, and Bon-Ton Stores Inc. is liquidating its business. Sears Holdings Inc. has been selling off key assets while closing stores as well.
Lord & Taylor’s decision not to keep the Fifth Avenue store is the latest move under the new Hudson’s Bay CEO, former CVS Health executive Helena Foulkes, who took over in February. Hudson’s Bay had also announced Monday that it is selling its flash sales site Gilt Groupe to rival Rue La La. When it bought the brand two years ago, Hudson’s Bay touted the purchase as a way to rev up online sales, but business didn’t live up to the company’s expectations.
In the meantime, Lord & Taylor is working with Walmart and launching a dedicated site on the discount retailer’s website. The new shop began rolling out last month and features more than 125 brands.
(AP)
Join the official YWN WhatsApp status
2 Responses
How the name “Lord and Taylor” came about:
There was a tailor named Mendel in the old country and he was worried about his business. Mendel was down to his last money and was torn between buying a sign and getting food for his family. Mendel decided to pray.
“Dear G-d,” he said, “I don’t know what to do. If I buy a sign it may bring in business, but I need to buy groceries for my family…and if the sign doesn’t bring in sales, we will starve.”
G-d replied, “I’m your partner, Mendel, buy the sign. Don’t worry, your family won’t starve.”
So, Mendel bought the sign and business took off. The tailor fed his family and all was well. However, as time passed it became evident that Mendel couldn’t keep up with orders all by himself. He contemplated hiring on a helper, but wondered if he could afford it. So, he asked G-d if getting help would be a prudent move.
“Go ahead,” G-d tells Mendel, “I’m your partner, Mendel, hire some help, you’ll do okay.”
And so Mendel did. And business took off beyond his wildest dreams. After a time, the tailor decided to move his business to America, where the sky was the limit. But he needed a larger site that would accommodate the growing demands of his business. As he surveyed certain locations, he found a perfect storefront, but the rental price was really steep.
“G-d,” Mendel again prayed, “I found the perfect place to relocate my business. But the cost of the lease worries me. I don’t want to get in over my head.”
“Go ahead and a get a lease on the store, Mendel,” said G-d. ” I’m your partner, Mendel. Trust me, you’ll be okay–I haven’t steered you wrong yet, have I?”
So Mendel signed a lease on the 5th Avenue store and profits from his business went through the roof. Out of heartfelt gratitude, Mendel proposed to the Almighty that he dedicate the store to Him.
. . . And the next thing you know, “Lord and Taylor” had dozens of stores throughout the country.
oy ribbono shel olam, please dont close Zara. ver vill i go to get 14 metching yom tov outfits for my kinderlech and then return them after yom tov?